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Daily Market Dispatch – April 28, 2025 Overview Markets opened higher on Monday as investors positioned ahead of a pivotal week for earnings, economic data, and global trade developments. Bitcoin steadied near $95,000, holding most of last week’s powerful gains as strategic buying and ETF inflows continue to build momentum. Last week’s rally left the S&P 500 and Nasdaq with their second consecutive weekly gains, but signals on U.S.–China trade negotiations are clouding the path forward. With earnings from Microsoft, Apple, Amazon, and Meta ahead – alongside key GDP and inflation data – markets are bracing for a decisive stretch that could determine whether recent optimism can drive a sustained breakout into May. Bitcoin Bitcoin traded flat near $95,000 after posting its strongest weekly gain since Trump’s election victory, but signs suggest another move could be brewing. ETF inflows into spot Bitcoin products topped $3 billion last week – the highest since November – providing structural support that could fuel further upside. Futures open interest remained firm at $42 billion, while a put/call ratio of 0.58 reflects a bullish setup for the weeks ahead, with heavy positioning around $96,000 and $100,000 strikes. Strategic accumulation by whales – particularly during recent volatility – reinforces Standard Chartered’s view that Bitcoin could climb to $120,000 in Q2 and $200,000 by year-end. As Bitcoin gradually decouples from tech equities and builds its store-of-value narrative, institutional demand could become a more dominant driver heading into the summer. Ethereum and Altcoins Ethereum (ETH) edged down 0.8% to $1,785, pausing after last week's gains, but developments on the network’s scaling roadmap could reignite momentum. Researcher Dankrad Feist’s EIP-9698 proposal to automate gas limit increases – boosting throughput to over 2,000 TPS by 2029 – points to Ethereum’s long-term commitment to remaining competitive amid rising L1 alternatives. Broader altcoins traded mixed: XRP rose 2.5%, Solana (SOL) slipped 0.7%, and Cardano (ADA) climbed 1.4%. Macro & Institutional Equities opened cautiously higher as investors weighed the durability of last week’s rebound against fresh trade uncertainty and a high-stakes earnings calendar. The S&P 500 gained 0.3%, the Nasdaq rose 0.1%, and the Dow climbed 0.5% early in the session. Treasury Secretary Scott Bessent’s mixed messaging over U.S. – China tariff talks injected short-term volatility and highlighted the market’s sensitivity to trade signals ahead of key updates. On the crypto front, Strategy deepened its Bitcoin bet, acquiring another 15,355 BTC for $1.42 billion. With over 553,000 BTC now on its books – roughly 2.6% of Bitcoin’s supply – Strategy’s aggressive posture signals continued confidence in Bitcoin as a reserve asset despite near-term market volatility. Looking Ahead This week could prove pivotal. Markets will absorb the first estimate of the U.S. Q1 GDP, Consumer Confidence data, and JOLTS job openings. Wednesday brings a dual test of corporate strength and macro resilience with Microsoft's and Meta’s earnings alongside China’s Manufacturing PMI. Thursday caps the barrage with PCE inflation and ISM Manufacturing — two key indicators for Fed policy expectations. With nearly half of the S&P 500 set to report earnings this week, the stage is set for either a breakout confirmation or a retracement as reality meets expectations. Crypto markets will also be closely watching ETF flows, institutional buying disclosures in May 13F filings, and any new legislative signals on stablecoins and digital asset policy. Momentum has returned, but sustaining it will require a steady hand as markets face their next critical tests. – Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

This week’s packed data calendar could sharpen the outlook for the global economy. From consumer confidence to inflation gauges and interest rate decisions that impact global markets, several indicators will shape sentiment ahead. 🇺🇸 U.S. CB Consumer Confidence – April 29, 14:00 UTC 🇺🇸 U.S. JOLTS Job Openings – April 29, 14:30 UTC 🇨🇳 China Manufacturing Purchasing Managers Index – April 30, 01:30 UTC 🇪🇺 Eurozone Gross Domestic Product YoY & MoM (Q1) – April 30, 09:00 UTC 🇺🇸 U.S. ADP Nonfarm Employment Change – April 30, 12:15 UTC 🇺🇸 U.S. Core PCE Price Index YoY & MoM (Mar) – April 30, 14:00 UTC 🇯🇵 Japan Interest Rate Decision – May 1, 03:00 UTC 🇺🇸 U.S. Initial Jobless Claims – May 1, 12:00 UTC 🇺🇸 U.S. Nonfarm Payrolls – May 2, 12:30 UTC 🇺🇸 U.S. Unemployment Rate – May 2, 12:30 UTC Earnings Spotlight (after market close) Microsoft – April 30 Meta – April 30 Apple – May 1 Amazon – May 1

Nexo Returns to the U.S. Market. We are embracing renewed optimism and entrepreneurial momentum to deliver our full products to American clients in a supportive environment. Retail & institutional clients will have access to our hallmark offerings: high-yield #crypto savings accounts, asset-backed credit lines, advanced trading, and institutional-grade liquidity solutions. Our historic re-entry was unveiled at an exclusive event with Donald Trump Jr., Gila Gamliel, Israel’s Minister of Innovation, Science, and Technology, and Antoni Trenchev, Co-Founder of Nexo. "We see the opportunity for the financial sector and want to ensure we bring that back to the U.S.," said Donald Trump Jr. "America is back – and so is Nexo," said Trenchev.

– Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – April 25, 2025 Overview Markets paused on Friday following a strong three-day rally as investors assessed softening U.S.–China trade rhetoric, fresh earnings, and a mixed economic picture. Bitcoin conquered $94,000 as ETF inflows continued and large investors accumulated coins. U.S. equities ended lower despite strong results from Alphabet, while gold advanced as traders remained cautious about the durability of the current macro repricing. Trade negotiations and upcoming data releases will likely determine whether this week’s optimism can evolve into a more sustained breakout. Bitcoin BTC remained range-bound after crossing above $94,000 on Thursday, as price action stabilized following a week of heavy inflows and whale accumulation. Wallets holding over 10,000 BTC have been aggressively accumulating, with a trend score of 0.90, while smaller investors are also pivoting toward long-term holding. On the derivatives front, futures open interest climbed above $41 billion and options open interest rose to $38 billion, matching February highs. A put/call ratio of 0.59 reflects a bullish sentiment, with heavy flow targeting the $95,000 strike for late-April and May expiries. Bitcoin ETFs extended their five-day streak of inflows, attracting $442 million on Thursday after a two-day haul of nearly $1.9 billion earlier in the week. Despite price consolidation, inflows remain a clear sign of institutional conviction. Ethereum and Altcoins Ethereum (ETH) edged 0.4% higher to $1,778, maintaining recent gains and outperforming most major peers. After Wednesday's $63.5 million net inflow, spot ETH ETFs continued to recover from earlier outflows, indicating improving sentiment. Meanwhile, key altcoins SOL, XRP, and BNB all posted modest gains of around 1%. Beyond the majors, Dogecoin (DOGE) and Cardano (ADA) rose over 4%, while SHIB added 5%. Sui Network’s SUI continued its multi-day surge, posting weekly gains above 70%, making it the top performer among the top 100 cryptocurrencies by market cap. SUI climbed from a low of $2.11 on April 21 to an intraday high of $3.71, fueled by growing investor confidence following the Grayscale SUI Trust launch. Macro & Institutional U.S. equities slipped Friday, ending a three-day rally. Alphabet’s strong earnings and AI investment lifted the Nasdaq early, but renewed caution around trade policy capped gains. Trump confirmed discussions with China are ongoing, with Beijing offering exemptions on select U.S. imports, suggesting a softening tone. Still, markets are awaiting tangible action before re-rating global risk. Gold rose 1.3%, nearing recent highs, as traders hedged against lingering macro risks. Meanwhile, the U.S. dollar firmed slightly, ending its three-week losing streak with a 0.3% weekly gain. Institutional demand for crypto continues to broaden. CME is preparing to launch XRP futures in May, expanding regulated crypto derivatives access. In a further boost to the institutional backdrop, the Federal Reserve announced it would rescind earlier guidance discouraging banks from engaging with crypto and stablecoin activities. Policymakers in Washington are also advancing stablecoin legislation, with Citi forecasts suggesting the sector could top $2 trillion by 2030, driven by both public sector integration and private issuance. Looking Ahead Next week brings a full slate of macroeconomic indicators that could reshape market sentiment. On Tuesday, markets will watch U.S. CB Consumer Confidence, JOLTS Job Openings, and the Atlanta Fed’s GDPNow estimate for Q1. Wednesday brings China’s Manufacturing PMI and the U.S. Core PCE index — a key inflation gauge. Thursday caps off with ISM Manufacturing and S&P Global PMIs. These prints will test the market’s expectations of Fed easing and offer clues on whether the current repricing in risk assets has legs. – Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Magdalena Hristova is taking on the topic of crypto taxes on 𝕏 Spaces, April 30, 13:00 UTC. A direct response to our crypto taxation survey, we’ll dive into community sentiment and insights with Michelle Legge from Koinly, and a speaker we'll announce soon. Magy and her guests are discussing the role of platforms in filling the crypto tax gap, identifying taxable events, the use of tax specialists, and more. 🔔 Set a reminder

We are honored to have received two prestigious accolades at this year’s Digital Banker CX Awards – Best PayTech for Digital CX and Best Wealth Client Loyalty Program. This reinforces our status as a leading digital wealth platform with a focus on top-tier customer experience. A recognition of the Nexo Card - now the most awarded crypto card in the industry, for its innovative, secure, user-centric approach to everyday crypto payments. Also, a highlight of our loyalty program, powered by the NEXO Token, which unlocks better wealth-building opportunities for our clients. Learn more: Nexo Earns Top Honors at The Digital Banker Awards for Customer Experience Excellence

Daily Market Dispatch – April 24, 2025 Overview Markets are treading cautiously following two days of gains, with investors potentially pausing to reassess the strength of the positive short-term trend. Bitcoin remains steady above $92,000, supported by continued ETF inflows and a growing safe-haven narrative, while equities have edged lower and gold resumes its upward grind amid lingering macro uncertainty. Mixed messages around tariffs and Fed independence are keeping traders alert ahead of key economic data and earnings. The U.S. dollar is attempting to stabilize, while futures suggest modest pressure into the close of the week. Bitcoin’s stability above support, alongside resilient ETF flows, suggests strength – but whether it fuels a breakout or reflects buyer fatigue will depend on what comes next across both macroeconomic data and the global trading environment. Bitcoin After rallying above $94,000 on Wednesday, Bitcoin has eased slightly to settle above $92,000 as traders lock in profits amid elevated levels. Still, the broader backdrop remains constructive. Spot Bitcoin ETFs in the U.S. saw $916.9 million in net inflows Wednesday, marking the second-largest daily total on record and stretching the current inflow streak to four consecutive days. Long-term holders continue to dominate on-chain activity, accumulating 1.38 BTC for every 1 BTC sold by short-term holders, according to Glassnode. The ETF flows are impressive, but it’s the long-term holder behavior that’s giving this rally a deeper foundation. Meanwhile, Bitcoin’s relative resilience to macro jitters and its brief overtaking of Google as the fifth-largest asset globally by market cap underscore its expanding institutional presence. Traders are back in wait-and-see mode – what markets want now is policy follow-through, not just tone shifts. Ethereum and Altcoins Ethereum (ETH) has held up comparatively well amid profit-taking, down just 1.5% to trade near $1,775, outperforming many large caps. Elsewhere, altcoins came under pressure on Thursday as the broader market cooled. Solana’s SOL fell over 4%, while XRP, BNB, and DOGE lost between 2%–3%. SUI, which had been leading midcap gains, also retraced. Macro & Institutional U.S. equity futures slipped Thursday morning, paring back some of the week’s gains as investors digested President Trump’s latest comments on trade and Fed leadership. While Trump reaffirmed his desire for a “fair” deal with China and ruled out firing Fed Chair Jerome Powell, the lack of specific tariff commitments is leaving markets unsettled. Treasury Secretary Scott Bessent warned that trade negotiations would be “a slog,” and noted that the current tariff structure remains unsustainable. Gold rebounded 1.3% to $3,331, holding near record highs as traders leaned back into safe-haven assets amid revived geopolitical tension and doubts over U.S.–China progress. The yen also gained, while the U.S. dollar index hovered near 99 after bouncing from Tuesday’s three-year low. On the institutional front, Solana is also drawing interest. Canada-listed SOL Strategies secured a $500 million convertible note facility to expand its SOL holdings – a first in the ecosystem. Nasdaq-listed DeFi Development Corp and Galaxy Digital also disclosed large-scale SOL accumulations, signaling a growing rotation within institutional crypto exposure. Looking Ahead Today’s U.S. calendar includes initial jobless claims and existing home sales, both key reads on labor market health and consumer confidence. On Friday, the University of Michigan consumer sentiment index will offer insight into inflation expectations and household resilience. Alphabet’s earnings after today’s close could also influence tech sentiment and broader risk appetite, especially as businesses grapple with trade policy uncertainty and shifting ad spend dynamics. – Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – April 23, 2025 Overview Markets are seeing a broad-based uptick as President Trump’s softened tone on both Federal Reserve policy and China tariffs boosts sentiment across asset classes. Bitcoin is leading the way, climbing to $94,200 intraday and marking its strongest six-day rise since February. The U.S. dollar also edged higher, with the DXY rising to 98.96 on Wednesday, rebounding from a three-year low hit on Tuesday. U.S. equities are extending Tuesday’s surge, while gold retreats from record highs. With ETF inflows soaring, the focus now shifts to whether this macro repricing can sustain momentum or if volatility will return. Bitcoin Bitcoin is starting to act less like a tech stock and more like a hedge against economic uncertainty – and the price action reflects that. Holding just below $94,000 after an 11.8% six-day rally, it posted its strongest performance since February. The move coincided with a sharp improvement in risk sentiment as President Trump stepped back from earlier remarks about removing Fed Chair Jerome Powell and signaled a “substantial” reduction in tariffs on Chinese goods. Treasury Secretary Scott Bessent echoed the shift, saying de-escalation is expected “in the very near future.” Spot Bitcoin ETFs recorded $936 million in net inflows on Tuesday, the highest since January, pushing the three-day total above $1.4 billion. Perpetual futures open interest also jumped 10% – the biggest increase since early March – with funding rates turning moderately positive, indicating growing long-side positioning without signs of excessive leverage. If $95,000 breaks clean, markets could enter a new phase of price discovery. Otherwise, traders may need to reprice their expectations. Ethereum and Altcoins Ethereum (ETH) has gained over 13% in the past 24 hours, trading near $1,800 for the first time since late February. ETH futures open interest spiked 15% to over $11 billion, confirming renewed conviction among leveraged traders. Adding to the momentum, spot Ethereum ETFs in the U.S. just saw their largest daily net inflows since early February. On Tuesday, U.S.-listed spot ETH ETFs brought in $38.7 million, breaking a 10-day streak of flat or negative flows. Cardano’s ADA and Solana’s SOL also posted double-digit gains, while XRP rose 7.7% and Polygon climbed 5.4%. Macro & Institutional U.S. equities extended their gains on Wednesday. The S&P 500 rose 2.5%, the Dow added 2.6%, and the Nasdaq climbed 2.7%, marking their strongest two-day performance since the 2023 banking stress. Institutional interest continues to build. Tesla reported holding 11,509 BTC in its Q1 disclosure, now valued at around $1.05 billion. On the regulatory front, newly appointed SEC Chair Paul Atkins reiterated his intent to prioritize digital asset clarity. In his swearing-in remarks, Atkins pledged a “rational, coherent and principled” approach to crypto oversight – a notable departure from previous leadership and a further sign of shifting tides in Washington. The IMF added to the macro backdrop with a downward revision of U.S. growth forecasts to 1.8% and an upward revision of inflation expectations to 3.0% for 2025. Traders viewed this as supportive of inflation-hedging assets in the face of Bitcoin. Looking Ahead The remainder of the week brings a string of key data releases and earnings that could shape both macro sentiment and crypto positioning. Markets will be watching for Wednesday’s new home sales report, followed by Thursday’s initial jobless claims and existing home sales. Friday brings the University of Michigan’s consumer sentiment index – a key read on inflation expectations and consumer resilience. On the earnings front, Alphabet’s results on Thursday may influence risk appetite and broader tech exposure. With Bitcoin hovering just below $95,000 and ETF demand rising, the coming days could determine whether this rally breaks higher – or pauses for reassessment. – Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – April 22, 2025 Overview Markets are walking a tightrope between political drama and economic reality. U.S. equities are staging a modest rebound after Monday’s sharp sell-off, while Bitcoin is climbing above $90,000, buoyed by strong ETF inflows, institutional acquisitions, and a weakening USD — all on top of mounting concerns over the Fed’s independence. With Tesla earnings due and a slate of Fed speakers on deck, investors are bracing for a week that could refresh the tone for Q2. Bitcoin Bitcoin is posting gains, recapturing levels last seen in early March to trade just below $90,000. The early week’s rally came as the U.S. Dollar Index slipped to a three-year low, driven by concerns over political interference at the Federal Reserve. Institutional demand is surging. Spot Bitcoin ETFs saw their largest single-day inflow since January, with $381.4 million in net purchases led by major products. Bitcoin’s strength amid dollar weakness, record gold prices, and renewed institutional buying reflects a market recalibrating what safety looks like. Whether BTC can clear the resistance zone between $91,000–$92,000 remains to be seen, but the conversation has clearly shifted. Bitcoin is no longer trading in the shadows of tech — it’s becoming a lens through which macro uncertainty is priced. Ethereum and Altcoins Ethereum (ETH) continues to underperform, trading near $1,580 after a 4% drop and significant ETF outflows on Monday. Altcoins were mixed, with XRP climbing modestly, bolstered by rising ETF speculation and strong support near key levels. Polygon and Kaspa outperformed with gains over 9%, while Solana and Cardano edged lower on profit-taking. ADA remains in focus as market interest in altcoin-related ETFs grows, fueling bullish sentiment around broader institutional access to alternative digital assets. Macro & Institutional U.S. stock futures are pointing higher after Monday’s steep declines, which saw the S&P 500 fall 2.4% and the Dow lose over 700 points. Since early April, when reciprocal tariff plans were unveiled, major indexes have dropped more than 9%. Market jitters have only intensified amid calls for “preemptive” rate cuts and speculation about the possible dismissal of the Fed Chair — moves that threaten to undermine the central bank’s independence ahead of its May policy decision. In commodities, gold surged past $3,495 to a new all-time high, tracking the same macro anxiety lifting Bitcoin. The two assets appear to be trading more in sync, with market participants increasingly viewing them as complementary hedges. Institutional demand for Bitcoin is also accelerating beyond ETFs. Japan-based Metaplanet added 330 BTC to its reserves on April 21, while U.S.-listed Strategy disclosed a fresh purchase of 6,556 BTC, bringing its total holdings to over 538,000 BTC. These moves represent one of the largest single-day corporate accumulations of Bitcoin this year and signal deepening conviction in the asset as a macro hedge and balance sheet reserve. At the same time, regulatory momentum is shifting. The SEC has entered a new chapter with Paul Atkins stepping into office, inheriting a backlog of crypto-related ETF applications that could reshape access to the market in the months ahead. Looking Ahead Markets will be watching closely as five Federal Reserve officials speak today, including senior policymakers who may provide clarity on the central bank’s evolving stance. Later in the week, fresh data on new home sales and initial jobless claims will offer further insight into consumer health and labor market trends. Earnings season is also in full swing. Tesla’s results after the close today may set the tone for tech and broader equity sentiment, while Alphabet’s numbers later this week could provide a key read on digital ad spending and corporate investment appetite. – Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – April 17, 2025 Overview: Markets remain in a state of caution as tariffs, Fed commentary, and shifting ETF flows dominate the narrative. Bitcoin is consolidating just above $84,000 after bouncing back from Powell-induced weakness. Meanwhile, gold, bonds, and the dollar reflect investor anxiety around inflation and slowing growth, while crypto participants look to next week’s economic data and regulatory developments for clearer direction. Bitcoin Bitcoin continues to hover around $84,000, showing resilience after aн intraday reversal on Wednesday triggered by Fed Chair Jerome Powell’s warning that tariffs may drive stagflation. BTC had briefly approached $86,000 before retreating nearly 2.8%. Spot ETF flows turned negative again, with $169.9 million in net outflows across U.S. products on Wednesday. The bulk came from Fidelity’s FBTC and Ark’s ARKB, while BlackRock’s IBIT and Bitwise’s BITB managed modest inflows. This mixed picture underscores ongoing caution among institutional allocators ahead of critical macro data. Still, Bitcoin has posted over 5% gains month-to-date, outperforming equities, oil, and the dollar, and trailing only gold among major assets. The $81,000 – $90,000 range remains as the key battleground heading into late April. Ethereum and Altcoins ETH is trading near $1,600 after recovering from midweek losses, though ETF flows remain a concern. Wednesday marked the seventh straight day of outflows for Ether-linked products, totaling $12 million. Technical levels point to near-term resistance at $1,625 and support around $1,585. Altcoins bounced during the Asian session. Solana (SOL) led the recovery with a 6% gain, while XRP climbed 2%. SOL continues to consolidate near $127, maintaining strength above its 50-hour MA. XRP remains in focus after ProShares filed for three XRP futures ETFs, adding momentum to the growing institutional narrative around the token. Kaiko continues to highlight XRP as the top altcoin candidate for a spot ETF. Macro & Institutional The macro environment remains delicate. Powell's comments on tariffs and inflation reinforced market fears of a stagflationary backdrop, ruling out near-term rate cuts. Equity futures tumbled, and Bitcoin mirrored the move, underscoring its sensitivity to policy tone shifts. Still, Powell hinted at a friendlier regulatory climate ahead. He noted that banking rules around digital assets may be “partially relaxed,” signaling a shift toward more permissive oversight. In Europe, the ECB delivered its seventh rate cut in a year, lowering the deposit rate by 25 basis points to 2.25%. Policymakers cited a deteriorating growth outlook amid intensifying trade tensions, even as they acknowledged growing resilience within the euro area. On the institutional side, VanEck is launching a new crypto-equity ETF (NODE) targeting companies in mining, exchanges, and infrastructure – a sign that interest is shifting toward diversified exposure. Meanwhile, Bitwise data shows that family offices are significantly more tilted toward ETH than BTC in relative terms, even as hedge funds continue to dominate Bitcoin allocations. Looking Ahead The next week will be key for gauging how macro influences translate into market behavior, as global investors await signals from both the Fed and the U.S. economy. Key U.S. releases include Monday’s M2 money supply data, new home sales on Tuesday, and Thursday’s jobless claims and existing home sales – all of which may inform sentiment on inflation and growth. FOMC member Patrick Harker is also scheduled to speak on Monday, and his comments may help clarify whether Powell’s hawkish stance reflects a broader committee consensus. For now, Bitcoin’s muted reaction to macro volatility reflects a market in wait-and-see mode. But with high-stakes data and speeches on the horizon, the quiet may not last much longer. – Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch – April 16, 2025 Overview: Markets are shifting gears once again as tariff tensions, tech stock selloffs, and safe haven surges define midweek sentiment. Bitcoin is cooling after briefly topping $86,000 on Tuesday, mirroring the Nasdaq’s slide following Nvidia’s $5.5 billion trade war warning. Meanwhile, gold has surged to record highs, the dollar has stumbled, and the Fed enters the spotlight today. One potential pressure valve for risk assets is emerging: Beijing has signaled tentative openness to restarting trade talks with the Trump administration. A stronger-than-expected U.S. retail sales report is also helping steady nerves, highlighting resilient consumer demand despite geopolitical and tech-sector headwinds. Bitcoin Bitcoin is trading just below $84,000 after Tuesday’s rally was met with swift profit-taking and global risk-off sentiment. The leading crypto asset briefly reached a two-week high before retreating as appetite deteriorated. ETF flows continue to show cautious optimism. Spot Bitcoin ETFs logged $76.4 million in inflows on Tuesday, led by BlackRock’s IBIT, which pulled in $38.2 million. While volumes have eased from Friday’s highs, the return to net inflows offers some support after last week’s $870M outflow. From a macro perspective, Bitcoin is tracking the Nasdaq more closely than gold, reinforcing its positioning as a tech-aligned risk asset. Long-term narratives remain in focus: Trump adviser Bo Hines suggested tariff revenue could fund future additions to the U.S. Strategic Bitcoin Reserve. Ethereum and Altcoins ETH has declined to around $1,590 after slipping 1.8% on Tuesday and another leg down during Asia trading. Altcoins are broadly under pressure, with Cardano (ADA) and XRP falling 3–5% amid a 3.3% drop in total crypto market cap. Solana (SOL) remains a relative outperformer. Now consolidating around $125, it continues to lead DEX volumes and trade above its 50-day moving average, pointing to a possible breakout toward the $145 resistance zone if momentum holds. Meanwhile, Dogecoin saw notable whale accumulation—over 800 million DOGE—despite a recent pullback to $0.154. Macro & Institutional Markets are still digesting the dual impact of escalating U.S.–China tensions and a weakening tech outlook. Nvidia’s disclosure of major revenue risks from chip export bans triggered a sharp pre-market selloff, dragging down Nasdaq futures and Bitcoin along with broader tech. The tension escalated further as President Trump raised import tariffs on Chinese goods to 245% in retaliation for Beijing’s restrictions on rare earths. These materials—such as gallium and germanium—are vital for manufacturing high-end chips used by Nvidia and other U.S. firms. Gold surged 1.7% to a record $3,283/oz in Asian trading as investors rotated. The DXY fell below 100, and the yen strengthened sharply amid speculation of a Bank of Japan policy shift. Meanwhile, diplomatic signals from China are beginning to shift. Bloomberg reported that Beijing is open to trade talks—if the White House softens its rhetoric and commits to clearer messaging. In crypto, institutional attention is turning to stablecoins. Standard Chartered estimates the market could grow from $230 billion to $2 trillion by 2028 if U.S. lawmakers pass the GENIUS Act. In parallel, XRP continues to gain ground. Kaiko suggests it may be next in line for spot ETF approval, citing rising volumes and recent leveraged product greenlights. Looking Ahead Attention now turns to remarks from Fed Chair Jerome Powell. Retail sales came in hot, rising 1.4%—well above the previous 0.2% and beating the 1.3% forecast. However, with trade tensions and tech earnings shocks dominating headlines, markets may view the data as backward-looking. More impactful may be Powell’s tone later today. Traders will be watching closely for signs the Fed may adjust its timeline for rate cuts amid geopolitical uncertainty and signs of early slowdown. – Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.

Daily Market Dispatch - April 15, 2025 Overview The crypto market started the week on a solid footing, showing signs of stabilization and renewed momentum after last week’s volatility. Bitcoin continues to hold above key levels, while Ethereum and altcoins are seeing renewed on-chain activity and institutional interest. Global macroeconomic conditions remain fluid, but optimism is growing around rate cut prospects, blockchain adoption in traditional finance, and rising participation in DeFi and stablecoins. The digital asset space appears well-positioned to benefit from shifting financial narratives, both globally and within the U.S. Bitcoin Bitcoin is trading just above $85,000, a level that has turned into a zone of strong consolidation following last week's tariff-induced turbulence. The recovery from a brief dip below $82K last week was swift, with traders appearing confident in BTC’s role as a macro hedge and digital reserve asset. There’s a notable uptick in BTC inflows into long-term holding addresses, suggesting that market participants are continuing to accumulate on dips rather than rotate out. There was a record-breaking single-day inflow of 48,575 BTC into accumulation addresses - the largest such inflow since Feb 2022. This underlying strength could set the stage for a potential leg-up should macro tailwinds align in the coming weeks. Ethereum and Altcoins Ethereum is holding steady above $3,500, buoyed by a sharp rise in DeFi activity. Total value locked (TVL) in decentralized finance platforms has surged past $80 billion, nearing two-year highs. While the SEC's recent delay on in-kind redemption and staking decisions for Ethereum ETFs introduces some near-term regulatory overhang, the market has largely shrugged it off, viewing it more as a procedural pause than a fundamental roadblock. Beyond ETH, Solanais showing quiet resilience,attracting developers and capital. Canada’s securities regulator has approved the world’s first spot Solana (SOL) ETFs, set to launch this Wednesday with staking capabilities. The move comes amid a global push for altcoin ETFs.. Macroeconomic Factors Macro forces continue to shape sentiment, with markets laser-focused on Wednesday, April 16, as a potential inflection point. Fed Chair Jerome Powell is set to speak, and his tone could shift expectations around the timing of interest rate cuts. That same day, key U.S. data drops—March retail sales, industrial production, and capacity utilisation—will offer a clearer read on the health of the economy and the inflation trajectory. Fed Governor Waller’s recent comments reinforced the possibility of rate cuts if tariffs escalate, signalling a dovish tilt that could favour risk assets like Bitcoin. Meanwhile, Tether's 13% user growth underscores the rising demand for stable, crypto-native liquidity amid macro uncertainty. On the institutional side, JPMorgan’s expansion of JPM Coin to GBP is a major signal. With firms like Trafigura and London Stock Exchange Group using the rails, blockchain continues to gain traction as a foundational financial infrastructure—supporting crypto’s long-term positioning even as near-term volatility persists. Looking Ahead The tone for the rest of April will likely hinge on macroeconomic data, the Fed’s evolving stance, and global regulatory developments. Crypto markets are currently navigating this environment with cautious optimism, backed by strong fundamentals in Bitcoin, a resurging DeFi sector, and increased traditional finance integration. Watch closely for upcoming ETF decisions, potential Fed commentary, and new announcements in the stablecoin or custody space. From a positioning standpoint, markets are favouring quality: BTC and ETH are leading, while tokens with clear utility or institutional alignment are getting traction. This selective rotation suggests that even in periods of consolidation, the market is rewarding real use cases and technological progress. - Iliya Kalchev, Dispatch Analyst For informational purposes only and does not constitute financial advice.

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Daily Market Dispatch – April 14, 2025 Crypto markets opened the week with cautious strength, continuing a broad recovery from last Monday’s tariff-induced selloff. Bitcoin is trading above $84,000, marking a robust rebound despite the global macro background. While investor focus remains fixed on U.S.-China trade dynamics, crypto's relative stability stands out. This week’s calendar includes key data from China, Fed commentary, and updates on retail sales, all of which could shape the next leg of risk asset performance. Bitcoin BTC is holding steady at $84,400 following a weekend of slight consolidation. After sliding 2% on Sunday on renewed tariff messaging from the White House, Bitcoin recovered strongly. With derivatives positioning turning more bullish, Bitcoin options volume rose 12% over the weekend, with notable call spreads targeting the $90K–$100K range on June expiry, indicating growing interest in upside exposure. Options activity is now reflecting renewed interest in a $100K target, with call spreads building at that level. Meanwhile, on-chain data shows continued accumulation – exchange balances remain near multi-year lows – and BTC's 7-day volatility index has dropped to 2.1%, down from 3.4% last Monday. MicroStrategy founder Michael Saylor has once again hinted at further BTC purchases after the company disclosed $7.7B in Q1 buys. On the ETF front, Bitcoin products have stabilized, with no major inflows or outflows reported. Analysts are watching for a push above the $84,500 resistance level, which BTC is currently right on top of, with $88,000 being the next focus. Ethereum and Altcoins ETH is trading at $1,600 after recovering from last week’s lows. Vitalik Buterin hinted at faster future upgrade cycles, which could provide a much-needed boost to sentiment as Ethereum navigates its promising long-term roadmap vs short-term sluggishness. Meanwhile, the SOL/ETH ratio just hit an all-time high of 0.0855, reflecting Solana’s ongoing outperformance. SOL's stellar action at $130 (arrow up week-on-week), however, masks some broader fragility across altcoins: MANTRA’s Layer 1 token crashed 90% over the weekend, triggering major liquidations. Macro & Institutional Markets remain cautious following mixed signals from the White House on tariffs and broader tech policy. With this backdrop, Gold ETFs recorded over $2.3 billion in inflows last week – the highest in three years. In the digital asset space, gold was also on the most-wanted list: PAXG rose approximately 3.2% week-on-week, demonstrating that the blockchain space can provide the opportunity to hedge with gold too. Ray Dalio warned of systemic financial risk on the horizon, but Bitcoin’s resilience in the face of those comments underscores its growing appeal as a macro hedge. In the East, institutional interest continues to expand. Japan’s Metaplanet disclosed another BTC purchase, bringing its total holdings to 4,524 BTC. And, another curio regarding the mainstreamification of crypto and blockchain: In the U.K., a Scottish school has become the first to both hold Bitcoin as a treasury reserve and allow parents to pay tuition fees in BTC—marking a rare dual-use case for digital assets in education. Regulations Regulatory clarity continues to advance. In the U.S., the SEC has begun floating the idea of a "crypto regulatory sandbox," a framework designed to foster innovation by allowing crypto projects to develop and test new products under regulatory oversight. Looking Ahead Key events this week include Powell’s upcoming speech, Chinese GDP data, and U.S. retail sales—all of which could shift sentiment. While markets remain macro-sensitive, crypto has entered Q2 with regained footing. As traditional markets digest trade and risk headlines, Bitcoin’s calm may continue to act as a barometer for broader risk appetite. – Stella Zlatareva, Nexo Dispatch Editor For informational purposes only; not financial or investment advice.

As markets navigate a renewed wave of trade policy headlines, this week’s data and central bank appearances may quietly steer sentiment. 🇺🇸 FOMC Member Bostic Speaks – April 14, 23:40 GMT 🇨🇳 China GDP YoY & QoQ (Q1) – April 16, 02:00 GMT 🇪🇺 Eurozone CPI YoY & MoM (Mar) – April 16, 09:00 GMT 🇺🇸 U.S. Retail Sales MoM & YoY (Mar) – April 16, 12:30 GMT 🇺🇸 Fed Chair Powell Speaks – April 16, 17:15 GMT 🇺🇸 U.S. Initial Jobless Claims – April 17, 12:30 GMT 🇪🇺 ECB Interest Rate Decision – April 17, 13:15 GMT

Daily Market Dispatch – April 11, 2025 Overview Crypto markets are holding steady amidst a complex macroeconomic landscape. Bitcoin (BTC) is trading near $83,000, showing remarkable stability while traditional markets face challenges in the face of trade tensions between the USA and China. With U.S. inflation cooling for a second consecutive month, the stage could be setting up for a Fed interest rate decrease in the coming 3 months. Gold has surged past $3,200, yet digital assets in the face of Bitcoin are continuously emerging as a strategic hedge. The S&P 500 has recently been more volatile than Bitcoin, reinforcing BTC’s role as a low-beta asset. As capital shifts from equities, crypto’s appeal as a forward-looking store of value continues to grow. Bitcoin Bitcoin has returned to week-high levels. This uptick reflects broader market reactions to geopolitical tensions and shifting economic policy. The leading digital asset has found strong support near $77,000, with resistance anticipated around $84,000. President Trump’s signing of the first-ever U.S. crypto bill—recognizing digital assets as a legitimate financial system—has added credibility to the space at a national level. A breakout above resistance, paired with stabilizing macro conditions, could mark the beginning of a renewed uptrend as we move deeper into Q2. Ethereum and Altcoins Ethereum (ETH) continues to face short-term pressure, down 2.38% for the past 24 hours and trading near $1,559. Despite bearish technicals, long-term fundamentals remain robust, with upcoming scalability upgrades and increasing use-case utility positioning ETH for potential resurgence. Solana (SOL) is trading near $120 to mark a return to week highs, with a monthly high in supply velocity sparking optimism. If SOL breaks through $123, it could target $135; however, momentum indicators—specifically the Relative Strength Index (RSI) below 50—suggest a fallback to $105 remains possible if buying pressure weakens. Ripple (XRP) holds steady around $2.00, buoyed by further progress towards a final resolution in its case with the SEC. Macro & Regulatory Markets are showing cautious optimism as inflation cools and the U.K. posts 0.5% growth, lifting European equities. However, that optimism is tempered by rising geopolitical tension, as China announced it is raising tariffs on select U.S. goods to 125%, escalating the standoff and fueling further rotation into safe-haven and alternative assets. Gold’s rally above $3,200 highlights rising demand for safe-haven assets, with Bitcoin mirroring similar stability. On the policy front, President Donald Trump signed the first U.S. crypto bill into law, and Florida advanced a Bitcoin Reserve Bill, reflecting growing institutional interest. Looking Ahead Next week brings a slate of high-impact economic events that could influence market sentiment and positioning. FOMC speeches, including remarks from Chair Powell, may offer direction on interest rate policy. In Europe, the ZEW Economic Sentiment index, Eurozone CPI data, and a fresh interest rate decision will be key to understanding investor appetite. Meanwhile, China’s GDP report will reflect global economic momentum, and the U.S. retail sales print will offer insight into domestic demand. While these events may stir short-term volatility, they also represent pivotal checkpoints for renewed participation in crypto markets, especially as confidence cautiously begins to return. Historical Note On April 11, 2015, Bitcoin traded at $236. Today, it’s above $81,000—a 34,000% gain that reflects crypto’s evolution from a niche concept to a powerful engine of wealth creation. — Stella Zlatareva, Nexo Dispatch Editor For informational purposes only; not financial or investment advice.

Daily Market Dispatch – April 10, 2025 Buckle up! You’re about to read today’s market dispatch. Overview Markets staged their strongest rebound in years on Wednesday, as President Trump stunned investors by pausing most of his sweeping tariff hikes. The Dow soared nearly 3,000 points, while the Nasdaq posted its biggest daily gain since 2008. Bitcoin followed suit, surging above $83,000 before settling just below $82,000. Аltcoins surged across the board. Adding fuel to the intraday rally, fresh U.S. inflation data released Thursday showed a month-on-month decline of -0.1%, against a 0.1% forecast, while year-on-year CPI cooled to 2.4%, just below expectations. Jobless claims also held steady at 223,000, reinforcing the view that inflation is easing even as the labor market remains solid. With the 10-year Treasury yield easing to 4.3%, traders are recalibrating once again. With disinflation gathering pace and the Fed under pressure to act, markets may be entering a new chapter—one where risk assets could regain the upper hand, if policy support materializes. Bitcoin Bitcoin gained more than 8% early Thursday to briefly snap above $83,000 before cooling off to trade just below $82,000. The market may have found a local bottom as trade negotiations and a softer Fed path begin to reframe the macro picture. Still, investor uncertainty lingers. U.S.-listed spot Bitcoin ETFs saw outflows for the fifth straight day, with $127 million pulled on Wednesday. Bond market volatility and macro uncertainty remain drags on institutional flows. Altcoin Action Ethereum regained momentum but still faces broader outflows from ETF investors, who pulled $11 million from Ether funds on Wednesday. The SEC just approved options trading on BlackRock’s ETHA ETF, offering institutions new hedging tools. Ether briefly spiked to $1,670 during Thursday’s rally but is now battling to hold the $1,600 level. Meanwhile, XRP surged alongside news that its 2x leveraged ETF from Teucrium – launched April 8 – saw strong opening demand, attracting over $5 million. DOGE caught a second wind, jumping 11% amid news that 21Shares filed for the first Dogecoin ETF in the U.S. The fund would track DOGE futures and hold the memecoin itself. While still awaiting SEC review, the filing marks a milestone in altcoin product expansion. Macro & Regulatory News The policy pendulum has swung. Trump's abrupt tariff reversal – delaying duties on over 75 countries for 90 days – sparked the market's best rally in over a decade. However, the escalation with China continues: tariffs on Chinese goods have now been hiked to 125%, prompting retaliatory 84% tariffs from Beijing. The unexpectedly soft U.S. inflation reading has reignited rate cut chatter. JPMorgan’s Bob Michele warned that the Federal Reserve may be forced to cut rates before its May meeting. In Washington, former SEC Commissioner Paul Atkins was confirmed by the Senate and is expected to be sworn in as SEC Chair within days. Atkins is seen as pro-crypto and is taking over a restructured agency that has already dropped several high-profile enforcement actions. His appointment adds momentum to industry hopes for a more innovation-friendly SEC. Looking Ahead Markets are now digesting the CPI surprise and watching closely for any follow-up signals from the Federal Reserve. Friday’s Producer Price Index (PPI) will offer another check on inflation dynamics. Next week brings a fresh round of key macro data: China’s Q1 GDP, Eurozone CPI, and in the U.S., retail sales and the NY Fed’s manufacturing index. With inflation softening and the labor market holding up, expectations for a dovish pivot are building—potentially fueling further momentum for digital assets. The stage is set for a shift. What comes next—policy pivot or market pause—may define Q2. — Iliya Kalchev, Nexo Dispatch analyst For informational purposes only; not financial or investment advice.